If you are an advertiser, you will surely understand the importance of updating the latest information about facebook ad benchmark. With 2024 upon us, fresh insights into Facebook ad benchmarks across 20+ industries are now available. Whether you're in retail, healthcare, or the financial sector, understanding these latest metrics can help you fine-tune your ad strategies, optimize your budget, and better understand the competitive landscape. In this article, we'll explore the most up-to-date Facebook ad benchmarks for 2024, giving you a comprehensive view of performance expectations across multiple sectors.

Overview Of Facebook Ad Benchmarks

When you access the ad management interface, there are many indicators related to advertising, but there are 5 most important indicators that you need to pay attention to. Based on these 5 metrics, you can evaluate many parts of your ad, and sometimes even determine which parts need to be edited to optimize your ad.

Not only in this section, but the entire article will revolve around analyzing the benchmarks of these indicators in Facebook advertising.

Facebook ad Benchmark

The Average of Click-through rate: 2.53%

The Average of Cost per click: $1.88

The Average of Conversion rate: 8.78%

The Average of Cost per Acquisition: $23.10

The Average of Cost Per Lead: $21.98

Benchmarks For Facebook Ad Campaigns

Average Click-Through Rate

CTR is an index that shows the click-through rate for the number of users who saw the ad.

In the table where we calculate the average CTR rate, we arrange it in order from high to low.

The CTR (Click-Through Rate) statistics table shows significant differences between industries, and these differences may be closely related to user behavior on social networks such as Facebook. Below are detailed comments and explanations for some industries with higher CTR:

Real Estate (2.60%)

Real estate is often a high-value product, and Facebook users may be attracted by opportunities to buy, invest or rent a house.

In addition, real estate images (nice houses, apartments) are often very attractive on Facebook, easily stimulating click-through behavior to see more details.

Users tend to like to explore new opportunities in real estate, especially when they are in need or simply want to see market trends.

Arts & Entertainment (2.59%)

Entertainment and arts content often attract high attention on Facebook because of its appeal, immediate entertainment, and visual appeal.

Events such as shows, movies, and music are easy to attract users, especially when users are looking for entertainment after work.Facebook users mainly spend time scrolling through entertainment and arts information to relax, so ads in this field are more likely to receive clicks.

Travel (2.20%)

Travel is about experiences and emotions, while images of beautiful tourist destinations and videos of exploration often attract strong appeal.

Ads about travel packages, discounted airfare, and accommodation services often stimulate users to daydream about trips.

Facebook users tend to look for new experiences, especially during their downtime, leading to clicks on travel-related ads.

Restaurants and Food Industry (2.19%)

Images of food and food services often create immediate "cravings". Facebook is a platform where users are easily attracted to eye-catching food images.

Promotional or discount advertising campaigns often have a strong effect in stimulating users to click to learn more.

Facebook users are easily influenced by images, and the food and restaurant industry can immediately impact cravings, stimulating clicks to order or learn about the dish.

Animals and Pets Industry (1.87%)

Pet ads are often related to cute and familiar products, creating strong emotions for users. Pet content also goes viral on Facebook.

Pet care services and pet-related products are also popular with pet lovers.

Pet lovers spend more time on social media to learn about products and services for their pets, leading to higher click-through rates.

The industries with lower CTRs in this chart can be explained by a number of factors, including the nature of the business, the appeal of the ads to social media users, and how Facebook users interact with different types of ads. Here are some detailed reasons for some of the industries with low CTRs:

Finance and Insurance (0.85%):

Complex and thoughtful: Financial and insurance products often require a deep understanding of policies, regulations, and associated risks. Facebook users tend to seek out information that is easy to consume and less complex, rather than researching financial services.

No immediate emotion: Unlike other industries such as real estate or entertainment, financial and insurance products often do not create immediate feelings or desires. Ad content in this industry tends to be dry and lacks visual interaction, resulting in low engagement.

Not an immediate need: Insurance and financial products are not products or services that users need on a daily basis, or are urgent, but are only of interest when users have a specific need or a situation arises (such as buying car insurance when it is about to expire).

Dentistry and Oral Services (0.88%)

Not an everyday need: Dental services are a specialized service, not a regular need of users. Most people only seek dental services when they have oral health problems or when they need a routine check-up, so the frequency of interest is low.

Low-interest ads: Dental ads often involve medical procedures or oral care products, which are not visually appealing. Unlike images of appealing food or fashion products, dental ads are less inspiring to viewers.

Fear and avoidance: A psychological factor is that many people feel anxious or fearful about visiting the dentist, leading them to tend to avoid clicking on ads related to dental services. Images of medical tools or dental procedures often do not create positive feelings.

Legal Services (0.99%)

Small customer base: Legal services are not a common need for everyone, but are only for those who need legal advice or are involved in legal issues. This reduces the reach of the ad.

Long-term decision: Users do not easily click on legal service ads just to learn. They often consider carefully and seek advice from other sources (such as relatives, friends, or through more formal sources) before deciding to use the service.

Low-appeal visuals: Legal services ads often lack entertainment or engaging visuals. Legal content is often serious and not appropriate for the relaxed environment of social media.

Auto Repair and Sales 1.10%

Not a continuous need: Facebook users may not search for auto repair or sales services on a regular basis. This is an intermittent need and only arises when users have specific problems with their vehicle, such as when the vehicle breaks down or when they intend to sell the vehicle.

High value, complex purchase decision: Buying a car is a big and complex decision that cannot be made quickly based on a single social media ad. Users often have to research a lot of information before buying a car, resulting in lower CTR for car ads.

Lack of emotional appeal: Auto repair services typically do not evoke positive emotions like travel, food, or entertainment ads, making users less likely to click.

Business and Education Services 1.16%

Narrow audience: Education or business-related services are often targeted at specific audiences such as students, business people, or those with learning needs. Therefore, not all Facebook users are suitable for this type of ad, reducing the likelihood of users clicking on the ad.

Not an urgent need: Similar to legal services, education and business services are not urgent needs. Facebook users tend to look for products or services that satisfy entertainment or daily needs rather than services with long-term development.

Difficulty in Advertising Appeal: Ads for education and business services can be difficult to stand out on an entertainment-oriented platform like Facebook, where visual or emotional content tends to perform better.

There is a strong correlation between user behavior and industry CTR. Facebook users are primarily looking for entertainment, experiences, and products with strong visual or emotional appeal. Industries that offer products or services that can stimulate emotions or satisfy immediate needs will have higher CTRs. Conversely, industries that require long-term consideration or are not easily engaged with immediately (such as finance, insurance) have lower CTRs because user behavior does not match the nature of the advertised product.

Average Cost Per Click

Industries with lower CPCs ($0.42 - $0.65)

Travel ($0.42), Arts & Entertainment ($0.43), Restaurants & Food ($0.51)

The level of competition in these industries is usually not too high. The travel and entertainment industry attracts a large amount of advertising but has less competition than industries such as finance or legal.

Visual appeal: These industries often rely heavily on images and content that attract users, easily generating clicks at low costs. For example, ads about tourist destinations, delicious dishes or entertainment events often easily stimulate users' curiosity and desire to experience.

Wide customer base: Many Facebook users of all ages and classes have needs for travel, entertainment and food, which helps reduce advertising costs thanks to the ability to reach a large number of potential customers.

Animals and Pets ($0.58), Real Estate ($0.65)

The pet industry is growing strongly with a wide range of products and services, from food to healthcare. However, the level of competition is still not too fierce, leading to lower cost per click.

Real estate often has lower CPCs because many real estate companies seek to reach users through direct advertising methods (such as image marketing or virtual reality videos). This industry also takes advantage of many organic marketing strategies on social media.

Education ($0.77), Industrial & Commercial ($0.77), Automotive - Sales ($0.79)

Education and industrial industries have specific target audiences, so advertising costs are not too high, but still need some optimization strategies to reach the right users. For example, online courses, educational programs, or industrial B2B services tend to have a narrower audience than travel or entertainment.

The automotive industry involves high-value products and more complex purchasing decisions, so CPCs are higher than travel or food, but still not as high as other more competitive industries.

Health & Fitness ($0.81), Personal Services ($0.81)

The health & fitness industry is a fast-growing sector, with many products related to exercise, nutrition, and body care. Health-conscious users are often willing to pay, increasing competition for advertising.

Personal services such as beauty care, haircuts, or consulting also have a broad audience, but because these products are often not very high-value, the cost per click remains average.

Industries with Higher CPCs ($0.94 - $1.09)

Auto Repair, Healthcare & Medical Services ($0.96)

Auto repair and medical services have a specific audience, often people who need immediate assistance or are in an emergency situation. This makes companies in these industries willing to pay more for clicks to attract customers immediately.

Medical and health-related services often have high-value products or services (such as surgeries, treatments), so businesses are willing to pay higher advertising costs to attract the right audience.

Finance & Insurance ($1.05), Furniture ($1.06), Fashion ($1.07)

Finance & insurance are among the most competitive industries on Facebook. These are products that require careful consideration from the user and are of high value (e.g. life insurance, mortgages). Therefore, companies have to pay more to reach the right customers.

The furniture industry also has a higher CPC because furniture products are high value and often involve long-term purchasing decisions. Competition in this industry is also quite high with many big brands entering the market.

Fashion is a fiercely competitive field, especially for online brands. Fashion advertising campaigns must be constantly improved and targeted to specific customer segments, resulting in a higher cost per click.

Law ($1.09)

Legal services require high precision and involve important decisions, resulting in a higher cost per click due to competition between law firms. Clients in this industry are often long-term or have high costs for consulting services, so law firms are willing to spend more on advertising to attract potential clients.

Average Conversion Rate

Industries with high conversion rates:

Industrial & Commercial (12.03%):

Industrial and commercial industries typically have large transactions and specific needs. When customers come to them, they are well-researched and highly likely to make a purchase, leading to better conversion rates.

Businesses in this sector are likely to have professional sales processes and focus on B2B customers, where purchasing decisions are often made with careful consideration.

Dentists & Dental Services (9.83%):

The need for dental medical services is often urgent and urgent, so when a customer contacts the service, they are more likely to take immediate action.

In addition, dental care is often a recurring service, which facilitates customer conversion.

Real Estate (9.70%):

Buying a home is one of the biggest financial decisions, and customers are often in the final stages of the decision-making process when they reach out.

Real estate services can provide a personalized and professional experience, increasing the likelihood of conversion.

2. Low Conversion Industries:

Physicians & Surgeons (4.81%):

Complex, specialized medical services often require extensive research before customers decide to use them. Customers also often visit multiple doctors to compare before choosing.

In addition, this may also be a service covered by insurance, making the conversion process more complicated.

Automotive — Repair, Service & Parts (4.86%):

Customers in this industry often have many choices, and car maintenance services are not an immediate need (unless there is an emergency). Customers may delay or look for other options before making a decision.

3. Industries with average conversion rates:

Finance & Insurance (5.98%):

Financial and insurance services are often complex and multi-step processes that require extensive research on the part of customers. Financial decisions are often not made immediately.

Beauty & Personal Care (5.93%):

Despite the high demand for beauty and personal care services, customers tend to test or compare providers before making a decision. This market is competitive, resulting in average conversion rates.

4. General factors that affect conversion rates:

Service urgency: Industries with high urgency, such as healthcare or home improvement, tend to have higher conversion rates.

Cost and financial decisions: Services that involve high costs, such as real estate or insurance, tend to have lower conversion rates due to longer decision-making processes. Service complexity: Industries that offer complex or highly specialized services (such as doctors or finance) tend to have lower conversion rates because customers have to consider many factors.

Average Cost Per Lead

The table you provided shows the "Cost Per Lead" (Avg. CPL) by industry, reflecting the cost that businesses must pay to acquire a potential customer in each sector. Below are some observations and explanations of the causes:

1. Industries with High Cost Per Lead:

• Attorneys & Legal Services ($104.58):

  • The legal field often involves high-value and specialized services, which increases the cost of attracting leads. Additionally, selecting a lawyer requires high trust from customers, making the approach and conversion process more complex.

  • This field is also highly competitive, and marketing campaigns must invest substantial resources to attract customers.

• Automotive — Repair, Service & Parts ($81.45):

  • Automotive services often require expensive repairs and parts, thus driving up the CPL. Potential customers tend to compare multiple services before deciding, making the conversion process more difficult and costly.

• Physicians & Surgeons ($57.97):

  • Specialized medical services also have high costs due to the complexity and high level of expertise required. Customers often seek very specific services, leading to higher marketing costs to attract the right audience.

• Health & Fitness ($57.40):

  • Despite being a popular industry, the cost to attract potential customers remains high due to market competition, especially for fitness centers and health programs.

2. Industries with Medium Cost Per Lead:

• Beauty & Personal Care ($42.10):

  • The beauty industry has an average CPL since many customers frequently use these services. However, with high competition, marketing campaigns may need to invest more to attract and retain customers.

• Finance & Insurance ($38.09):

  • Financial and insurance services involve significant financial decisions, so marketing costs can be higher due to the need for longer consultation and persuasion, but it’s not as expensive as the legal field.

• Dentists & Dental Services ($32.46):

  • Dental services typically have an average CPL due to the urgent nature of dental care needs, and customers generally don't take long to make a decision.

3. Industries with Low Cost Per Lead:

• Sports & Recreation ($14.59) and Real Estate ($13.87):

  • The sports, recreation, and real estate industries have low CPLs because these services have a broad customer base and open markets. For example, sports centers, recreational facilities, or real estate businesses can easily attract many potential customers simultaneously, reducing the cost per lead.

• Business Services ($16.95):

  • Business services have low CPL due to the B2B (business-to-business) nature, where customers are often businesses that have already identified their needs. The process of attracting and converting leads can be less expensive compared to services aimed at individual customers.

Conclusion

So we have summarized Facebook ads standards through 4 basic average indexes including CPC, CTR, CR, CPL. By understanding the latest benchmarks for 2024, businesses can make informed decisions, improve their campaign effectiveness, and stay competitive in their industry. With these fresh insights, you can fine-tune your strategies to meet and exceed industry standards, ensuring your ads deliver the results you’re aiming for. As the digital landscape evolves, keeping up with these benchmarks will be crucial for success in the year ahead.